Foreign Account Tax Compliance Act (FATCA) Readiness Assessment

US FATCA regulations signed into law in 2010 require Foreign Financial Institutions to classify their (US) customers under U.S. tax principles. FATCA creates the need for financial institutions to gather sensitive client data to identify accounts for the purpose of reporting and monitoring data provided to the US Internal Revenue Service.

Organizations will have to examine and –if necessary - obtain information such as U.S. Tax Status, U.S. Citizen/Residence Status, Place of Birth and account details. Account balances may also be used to determine certain thresholds and for reporting to U.S. accounts. Industry classification codes and ownership hierarchies may also be used to correctly classify organizations, entities and individuals.

Failure to comply will be costly and could result in a 30% withholding on taxable Payments, including U.S. source investment income, including dividends, interest and royalties, and gross proceeds from the disposition of property that could produce U.S. source dividends or interest.

The Trillium Solution leverages a platform that is purpose-built to develop the broad based data management services required to support data quality, alignment and production of correct information views to satisfy regulatory reporting requirements. The platform is pre-populated with rules templates that enable the automated assessment, measurement and monitoring of key data elements and metrics that are generated for FATCA reporting. The process leverages over two decades of experience supporting the complex requirements of data management across a global enterprise. The Trillium solution readily discovers ‘unknown’ issues and presents findings in ways that enable business understanding and facilitates transparency in regulatory reporting.

Download the data sheet at right for more details.